FxWirePro: Singapore dollar strengthens against U.S. dollar in early hours of Asia, good to sell on rallies

• USD/SGD is currently trading around 1.4166 marks.
   
• It made intraday high at 1.4186 and low at 1.4157 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.4260 mark. 
   
• A daily close above 1.4177 will test key resistances at 1.4260, 1.4311, 1.4409, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.
   
• Alternatively, a consistent close below 1.4177 will drag the parity down towards key supports at 1.4110/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short trend correction only.
   
• Yesterday Singapore released CPI as well as core CPI data.
   
• Singapore December all items CPI +0.2 pct y/y (poll +0.1 pct).
   
• Singapore December core CPI +1.2 pct y/y (poll +1.3 pct).
   
• Singapore December accommodation cost -3.8 pct y/y.

We prefer to take short position in USD/SGD around 1.4170, stop loss 1.4260 and target of 1.4110/1.4046.